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2020: The bank of the millennial workforce

February 11, 2020 - Rajamaiya V P - Head - Solution consulting, Infosys Finacle

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Throughout banking history, regulatory understanding, legal implications of actions, compliance, and aspects like these were woven into the very fabric of banking sector employees. Today, banking has taken a paradigm shift where millennials form the biggest customer base, and differentiation is derived solely through personalization, automation, social-media integration, and gadgetry.

This shift has left banks with a need to fill the gap in their talent pools. A gap addressed by resources that are not easy to come by. They are the new-age workforce of the millennial generation who have grown up with Information, Media, and Technology literacy forming a basis of not just their education but their very lives. They are hard to come by because they don’t typically think like the previous generations. They are highly skilled and prefer an explorative career journey to one defined by permanent employment. And they prefer to take an object-oriented approach even to jobs.

In 2020, the most progressive banks should focus on building four vital capabilities in their millennial workforce

In the years to come, the goal of training will be to keep the banking workforce relevant. Programs will change to suit the digital native learners and their environment, targeting three kinds of literacy

The millennial workforce also brings with it, a distinct set of challenges. For starters, embracing the culture of millennials calls for an overhaul of corporate values that were different and to a fault, to use the C-Word, conservative. Another bigger and more challenge is personalization – including IT infrastructure, which increases diversity in a traditionally uniform landscape favored by banks. This personalization also extends to workspaces, where millennials prefer collaboration to be hardwired into workspaces, tangential to the traditional cubicle and desk system. Banks will have some serious reimagining to do, in order to bring the millennials into the fold.

Find out what are the other questions that bankers are asking as 2020 dawns. Read about how banks plan to address the challenges of the future.

This piece gives you a glimpse into one of the 10 trends that I believe will reshape banking in 2020. Click here to read our full report “Scale Digital: 10 Trends Reshaping Banking in 2020”.

Rajamaiya

V P - Head - Solution consulting, Infosys Finacle

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